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CIPS Flash United Kingdom PMI

Slowest rise in UK private sector output for three months in April as record inflationary pressures and war in Ukraine hit demand
Key findings:
Flash UK PMI Composite Output Index(1) at 57.6 (Mar: 60.9). 3-month low.
Flash UK Services PMI Business Activity Index(2) at 58.3 (Mar: 62.6). 3-month low.
Flash UK Manufacturing Output Index(3) at 53.8 (Mar: 51.8). 2-month high.
Flash UK Manufacturing PMI(4) at 55.3 (Mar: 55.2). 2-month high.
Data were collected 11-20 April

Chris Williamson, Chief Business Economist at S&P Global said:

“The survey data signal a marked cooling in the pace of UK economic growth during April, caused by an abrupt slowing in demand. Orders received by manufacturers have almost stalled, driven by an increasing loss of exports, and growth of demand for services has slumped to among the weakest since the lockdowns of early 2021.
“High prices and the associated rising cost of living were often cited as a principal cause of lower demand, with covid also continuing to affect many businesses. Brexit and transport delays were seen as having further impeded export sales, while the Ukraine war and Russian sanctions also led to lost overseas trade.
“Concerns over the worsening inflation picture are meanwhile flamed by another near-record leap in firms' costs.
“Although the current pace of growth remains relatively robust, firms are taking a more cautious approach to hiring and spending as demands cools and the outlook becomes gloomier, to suggest that the slowdown in the economy has further to run. While the start of the year saw businesses in high spirits amid the reopening of the economy, this ebullient mood is being eroded by concerns about the rising cost of living, the Russia-Ukraine war, lingering pandemic disruptions and rising interest rates.”

https://www.markiteconomics.com/Public/Home/PressRelease/11c2e3489b27417fb1af86decced9a91

IAG will be 60p Friday the demand for air travel is back

British Airways owner International Consolidated Airlines Group is the biggest riser, up 8.24% in the wake of the United Airlines results

Theosus

I think it’s more about being seen to be doing the right thing lloyds has a net zero policy how good is that unlike Barclays or Natwest

Lloyds Banking Group has appointed Dr Rebecca Heaton as Director of Environmental Sustainability.

As Director of Environmental Sustainability, Rebecca will oversee the delivery of Lloyds Banking Group’s plan to achieve net zero.

Charlie Nunn, Group Chief Executive Officer, Lloyds Banking Group:
“We are thrilled to welcome Dr Rebecca Heaton as our new Director of Environmental Sustainability to lead the coordination and delivery of the Group’s net zero strategy.

“Rebecca’s energy, expertise and extensive experience of leading businesses in transition will accelerate our progress as we enter a critical phase in our journey to net zero by 2050 or sooner, and to help build a more inclusive and sustainable society.”

https://www.lloydsbankinggroup.com/media/press-releases/2022/lloyds-banking-group/lloyds-banking-group-appoints-dr-rebecca-heaton-director-of-environmental-sustainability.html

(Reuters) - Rio Tinto (RIO.AX), (RIO.L) on Wednesday reported lower-than-expected iron ore shipments in the first quarter and warned of risks from sustained high inflation, a resurgence of COVID-19 lockdowns in China and a prolonged Russia-Ukraine war.

Labour shortages and supply chain snags impeded the Anglo-Australian mining giant's efforts to ramp up its Pilbara operations in Western Australia in the first three months of the year.

https://www.reuters.com/business/rio-tinto-iron-ore-shipments-drop-labour-crunch-project-delays-2022-04-19/

UBS gives a buy rating

12 out of 14 UK sectors saw an expansion in output in March, up from 10 in February.

Gap between manufacturing and service sector output largest in 13 years, as manufacturers were disproportionally affected by the war in Ukraine.

Firms increased output prices at record rates for a second consecutive month.

Jeavon Lolay, Head of Economics and Market Insight at Lloyds Bank Commercial Banking, said: "The end of COVID-19 restrictions in England have given consumer-facing services businesses a boost. Tourism and recreation posted the fastest growth of any UK sector in March. However, while demand remains buoyant, unfortunately the latest wave of COVID-19 infections has caused major disruption to travel plans.

“Alongside labour market shortages, the unrelenting pressure from rising costs represents another major challenge for most UK businesses. Both service and manufacturing firms face higher inflation, in part driven by the ongoing war in Ukraine – a factor that is weighing particularly heavily on manufacturing activity.

https://www.lloydsbankinggroup.com/media/press-releases/2022/lloyds-bank/march-2022-recovery-tracker.html

FTSE 100 was being called higher pre-open after a mixed day both on Wall Street and across Asia.

Financial spread betters were pencilling in a rise of around 20 points for Footsie from Wednesday’s close of 7,629

LONDON (Reuters) - The Bank of England said on Wednesday that consolidating existing rules for banks and insurers will be a priority, signalling it will resist industry and political calls to keep the financial sector competitive by easing standards.

BoE Deputy Governor Sam Woods said a strategic review had discussed whether the Bank’s banking regulatory arm, the Prudential Regulation Authority, which he heads, should continue to focus on retaining and building on existing rules.

The PRA, funded by fees on the firms it regulates, will hire 100 more staff, increasing headcount to a total of 1,440.

The PRA’s budget for the year beginning this month will rise to 320.9 million pounds, up 24.3 million pounds or 8.2% from the prior year.

https://www.reuters.com/article/britain-boe-banks/bank-of-englands-woods-seeks-to-draw-red-line-under-bank-rules-idUKKCN2MC1B9

FTSE 100 set to ignore Wall Street's pull to make a muted start
The IMF said it expects global growth to be 3.6% this year rather than 4.4%, while inflation is set to average 5.7% across the world’s advanced economies.

The UK’s GDP outlook was cut by a full percentage point to 3.7%.

Masks off! Travelers cheer and whip their face coverings off as Biden administration says TSA will NOT enforce mask mandate on planes any longer after court ruling

https://www.dailymail.co.uk/news/article-10730325/amp/Masks-Travelers-rejoice-Biden-admin-says-TSA-NOT-enforce-masks-planes-ruling.html

The Bank of England will step back from raising interest rates after May as the UK economy looks set to contract in the second quarter, The UK economy grew just 0.1% in February and headwinds created by rising inflation, global uncertainty linked to the war in Ukraine and lockdowns in China means the economic outlook is particularly challenging

April 18 (Reuters) - Bank of America Corp (BAC.N) provided a bullish outlook after reporting a smaller-than expected 13% fall in first-quarter profit on Monday, as growth in consumer lending overshadowed a decline in global dealmaking.

Chief Executive Brian Moynihan said Bank of America customers had spent at the highest level ever recorded for the first quarter, representing a double-digit percentage increase from a year ago.

"Could a slowdown in the economy happen? Perhaps. But right now, the size of the economy is bigger than pre-pandemic levels. Consumer spending remains strong, unemployment is low and wages are rising,"

https://www.reuters.com/business/finance/bank-america-posts-drop-first-quarter-profit-2022-04-18/

FTSE 100 heading for flat start as growth worries grow

Economists see a growing risk the UK will slip into a recession in the summer as the surging cost of living hits consumer spending

Sandbanks in Dorset is Britain’s most expensive seaside town with average prices of £929,187, up 10% on 2020
Salcombe, Devon, 2020’s most expensive location is in second place with an average price of £912,599

Russell Galley, Managing Director, Halifax, said:

“Our ongoing love affair with living by the sea shows few signs of abating. Homes on the coast have long attracted a premium price, and this was no different in 2021, with the move towards working from home being an ongoing influence in where people choose to live. The average seaside home cost £287,087, up 8% on the previous year.

https://www.lloydsbankinggroup.com/media/press-releases/2022/halifax/britains-most-expensive-seaside-towns.html

Horta-Osorio, 58, was paid nearly £60million in a decade at the bank during which he won plaudits for repairing its balance sheet after a taxpayer bailout during the financial crisis. He was knighted in February.

https://www.thisismoney.co.uk/money/markets/article-10724179/amp/Lloyds-strip-ex-boss-Horta-Osorio-1m-bonus-HBOS.html

Luckily for Lloyd’s shareholders the bank is UK focused and won’t have any exposure to Russia and any impact from sanctions are likely to be limited for Lloyd’s, unlike JP Morgan who’s losses could amount to $1 billion

LegacySecure

“” Going to bounce off the lows. A good time to invest in banking stocks””

Yes the extra earning from rising interest rates will drive the share price up, Lloyds is oversold

“Boris needs to be removed”

Boris need a knighthood “Sir Boris”

https://www.dailymail.co.uk/news/article-10716709/amp/Priti-Patel-launches-plan-smash-Channel-boat-gangs-sending-asylum-seekers-Africa.html